长鑫科技冲刺科创板：三年亏损超300亿元，预计最快明年盈利

Core Viewpoint - Changxin Technology is the largest DRAM manufacturer in China and is seeking to raise 29.5 billion yuan through its IPO, despite ongoing losses and a significant market share gap compared to leading global competitors [2][4]. Financial Performance - Revenue projections for Changxin Technology are as follows: 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, 24.178 billion yuan in 2024, and 15.438 billion yuan in the first half of 2025 [2]. - The company reported losses of 8.328 billion yuan in 2022, 16.34 billion yuan in 2023, 7.145 billion yuan in 2024, and 2.332 billion yuan in the first half of 2025, totaling over 30 billion yuan in losses from 2022 to 2024 [2][3]. - As of June 30, 2025, total assets amounted to approximately 289.9 billion yuan, with a debt-to-asset ratio of 57.65% [3]. Market Position - According to Omdia, Changxin Technology holds a 3.97% share of the global DRAM market as of Q2 2025, ranking fourth globally and first in China [4]. - The top three global DRAM manufacturers are Samsung Electronics, SK Hynix, and Micron Technology, with market shares of 40.35%, 33.19%, and 20.73%, respectively, totaling 94.27% [4]. Industry Dynamics - The DRAM industry is characterized by high technical barriers and significant capital investment, leading to ongoing losses for Changxin Technology as it scales production [3][4]. - The company anticipates potential profitability by 2026 or 2027, contingent on average selling prices and monthly shipment volumes [5]. Research and Development - From 2022 to the first half of 2025, Changxin Technology invested 18.867 billion yuan in R&D, accounting for 33.11% of cumulative revenue [7]. - The company plans to use IPO proceeds for technology upgrades and research projects in DRAM storage [7]. Product Offerings - Changxin Technology's product range includes DDR4, LPDDR4X, DDR5, LPDDR5, and LPDDR5X, with recent advancements in DDR5 products that are internationally competitive [7].